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All Journal Al-Hiwalah : Journal Syariah Economic Law
Yazid, Nawawi
Unknown Affiliation
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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Legal and Ethical Challenges in Developing Islamic Financial Products : A Contemporary Perspective Yazid, Nawawi; Nawawi, Muhammad
Al-Hiwalah: Journal of Sharia Economic Law Vol. 4 No. 1 (2025): Al-Hiwalah : Journal Syariah Economic Law
Publisher : Department of Islamic Economic Law, Faculty of Sharia, Sultanah Nahrasiyah State Islamic University, Lhokseumawe

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47766/al-hiwalah.v4i1.4890

Abstract

The development of Shariah-compliant financial products has become an integral part of the global banking and finance industry. This article examines the legal and ethical challenges faced in the development of Shariah-compliant financial products from a contemporary perspective. These challenges include strict adherence to Shariah principles, effective supervision and regulation, as well as ethical considerations in handling customer funds. In the context of the evolving financial technology (fintech) innovation, this article also explores how Shariah-compliant financial products can harness this technology without compromising the integrity of Shariah principles. Additionally, we identify recent trends and changes in Shariah-compliant financial products and analyze the social and economic impact of successful development in this area. This article also presents innovative approaches and solutions to address the legal and ethical challenges encountered, with the aim of promoting sustainable growth of Shariah-compliant financial products in line with Shariah principles. This research is expected to provide valuable insights to financial practitioners, regulators, and researchers interested in the development of Shariah-compliant financial products in the contemporary era.
Co-Authors Muhammad Nawawi